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Bank of Korea selects Kakao’s blockchain arm for digital won tests



The central financial institution of South Korea has chosen a blockchain subsidiary of native web big Kakao as a expertise supplier for its digital forex pilots.

Kakao’s Floor X had won the Bank of Korea’s central financial institution digital forex (CBDC) tender, changing into the principal expertise provider for blockchain-based digital won simulations, native information company Korea JoongAng Each day reported Tuesday.

The central financial institution introduced that Floor X will take part within the South Korean CBDC mission in cooperation with United States-based blockchain firm ConsenSys in addition to different Kakao associates like KakaoBank and Kakao Pay.

Targeted on infrastructure and decentralized functions for the Ethereum blockchain, ConsenSys will contribute to the CBDC mission by making use of in-house options like ConsenSys Quorum and ConsenSys Codefi, the agency introduced on Twitter.

Right now, the Bank of Korea selected GroundX for their digital forex mission.

Because the tech companion of GroundX, the blockchain subsidiary of Kakao, we’re thrilled to get to work utilizing our main CBDC tech stack of @ConsenSysQuorum and @ConsenSysCodefi

— ConsenSys (@Consensys) July 20, 2021

BoK opened a bidding course of for companies concerned with conducting a blockchain-enabled CBDC simulation mission. In response to Korea JoongAng Each day, the primary tests are more likely to kick off subsequent month.

Launched by Kakao in 2018, Floor X is thought for working its personal blockchain platform referred to as Klaytn. ConsenSys has already been collaborating with Floor X on creating a non-public platform for issuing a South Korean CBDC.

Associated: South Korean Shinhan Bank joins Klaytn’s blockchain governance council

The initiative goals to check the CBDC in a digital simulation setting primarily based on distributed ledger expertise, exploring potential use instances associated to CBDC issuance, redemption, digital funds and settlement, in addition to potential integrations associated to purchases of digital artworks and copyrights. The central financial institution initially introduced the nation’s plans to check the distribution of a digital won in February 2021.